Procept Announces Third Quarter Financial Results
CAMBRIDGE, Mass.--(BW HealthWire)--Nov. 17, 1997-- Procept, Inc. (Nasdaq:PRCT - news) today
announced its financial results for the third quarter of 1997. The Company reported that revenue
decreased to $142,000 in the third quarter of 1997 compared with $788,000 in the third quarter of
1996. For the nine-month period ended September 30, 1997, revenue was $569,000 versus revenue of
$1,935,000 for the same period last year. The net loss was $1,969,000 or $.80 per share for the third
quarter of 1997 compared with a net loss of $2,494,000 or $1.29 per share, for the comparable period
last year. For the nine-month period ended September 30, 1997, the net loss was $6,873,000 or
$3.23 per share versus a net loss of $8,502,000 or $5.50 per share, for the same period last year.
As of September 30, 1997, the Company had cash and cash equivalents of $2.4 million and there
were approximately 2.0 million shares of common stock outstanding.
Procept, Inc. is engaged in the research and development of small molecule therapeutics for the
prevention and treatment of chronic and life-threatening immune system disorders. Procept is
developing therapeutics for the treatment of arthritis, diabetes, organ transplant rejection and
infectious diseases, including AIDS and tuberculosis. Founded in 1985 and traded on the Nasdaq
National Market System under the symbol PRCT, Procept is located in Cambridge, Massachusetts.
PROCEPT, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share data)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues $ 142 $ 788 $ 569 $ 1,935
Costs and Expenses:
Research and development 1,287 2,280 5,166 7,752
General and administrative 592 690 2,017 2,310
Restructuring charges 221 273 221 273
Other expenses 11 39 38 102
Total costs and expenses 2,111 3,282 7,442 10,437
Net income (loss) $(1,969) $(2,494) $(6,873) $ (8,502)
Net income (loss) per
common share $ (0.80) $ (1.29) $ (3.23) $ (5.50)
Weighted average number
of common shares
outstanding $2,452,269 $1,936,785 $2,127,804 $1,545,617
CONDENSED BALANCE SHEETS
(in thousands) September 30, December 31,
1997 1996
ASSETS
Cash, cash equivalents, and
marketable securities $ 2,419 $ 5,964
Other current assets 195 284
Total current assets 2,614 6,248
Property and equipment, net $ 1,139 $ 1,863
Restricted investment - 469
Deposits 250 136
Other assets 312 201
TOTAL ASSETS $ 4,315 $ 8,917
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 727 $ 773
Accrued expenses 614 561
Capital lease obligations 136 634
Other liabilities 460 632
Total liabilities $ 1,937 $ 2,600
Stockholders' equity:
Preferred stock, par value $0.01 per share - -
Common stock, par value $0.01 per share 20 20
Additional paid-in capital 57,934 55,005
Accumulated deficit (55,576) (48,708)
Total stockholders' equity 2,378 6,317
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 4,315 $ 8,917 |
